Applying for Nationwide bank account + mortgage at the same time

coco21

I'm thinking of applying for a 70% LTV mortgage from Nationwide, but the best rate I can get is conditioned on having a current account with them (which I don't at the moment). Obviously, applying for a new current account will have an effect on my credit rating, but was wandering if applying in branch at the same time for both the mortgage and the current account will be a better strategy. The Nationwide branch staff seem to think so, but was wandering if other people had any experience or advice regarding this.

Many thanks.

Thrugelmir

If you are referring to your "credit score" then that's a meaningless number as quoted by a CRA. The NW will perform their own checks and score you themselves,

coco21

Thrugelmir wrote: »

If you are referring to your "credit score" then that's a meaningless number as quoted by a CRA. The NW will perform their own checks and score you themselves,

Not necessarily the credit score, but rather the footprint their own search will have on my report and if this will affect their evaluation of my application (seems stupid, but you never know). The general advice seems to be not to apply for new credit before applying for mortgages and was wandering if this applies to situations when you apply for current account and mortgage from the same lender at the same time.

I'd much rather go through a broker since I'm a first time buyer and with the Help to Buy equity loan, but the the direct branch rate is 0.2% better than that available to my broker, which for my loan translates into ~£20 difference/month (although branch offer is fixed for four years, whereas the mortgage broker offer is fixed for five years) . Perhaps this is not enough to compensate for the extra stress of a branch application.

Thrugelmir

coco21 wrote: »

Not necessarily the credit score, but rather the footprint their own search will have on my report and if this will affect their evaluation of my application (seems stupid, but you never know).

The mortgage product on offer is to entice people to switch their personal banking to the NW. Unlikely they'll decline applications when it's business they are trying to attract.